Retirement Income: Myths vs. Reality
Wednesday, February 8th, 2012 and is filed under Saving for Retirement
Big Foot, the Loch Ness Monster and catfish the size of school buses…are they myths or reality? We’ve all seen crazy viral YouTube videos that make one stop and think, “Okay, maybe that’s real?” Then, luckily, most of us quickly come to our senses.
A myth is a widely held but false belief. And, unfortunately, there are some myths out there that are a lot more dangerous than a random Big Foot sighting…such as myths surrounding how you’ll live during your retirement years.
While some advisors may tell you that you’ll probably be spending less money in retirement than what you’re spending now, we don’t believe it. We think this is a myth…and we want to make sure you’ve got an income plan in place that allows you to continue to live the lifestyle you want to live.
Take a look at the following. When you look towards your retirement years, will these be myths or reality?
1. You will spend less
2. You will travel less
3. You will be less active
The truth is you might not do ANY of the above. What we are seeing is that our baby boomer clients, more often than not, dream of doing the direct opposite.
If you’re like today’s retirees and future retirees, you have a healthy outlook on life and want to cherish your golden years.
When assessing your retirement planning strategies, consider these questions:
1. Do you see yourself spending less? On the subject of family, have you looked at your family tree lately? If it’s like most in America – it looks more like a bush. There are birthday presents, Bar Mitzvahs, Christmas presents, private tuition to help with… you name it. In addition, medical expenses will rise as you age. Be sure you factor in all spending variables when planning.
2. Do you want to travel less? When the grandkids are born, are you going to be content with Facebook photos and phone calls? Or, do you want to be with in arms reach of that newborn? We know where we’d want to be…and we’re betting that you’re no different. Make sure you have an income strategy in place that lets you move/drive/fly as you desire.
3. Are you planning on being less active? Yeah right!! You didn’t work all those years to sit on the couch to watch the Food Channel all day long. There’s church activities, bridge club, tee times, Zumba at the fitness club, yoga at the Y, theatre with friends…and your list goes on and on.
Don’t be fooled into thinking you will be sedentary during your retirement years…and don’t find yourself in a position of having to settle for a less active lifestyle. Knowing exactly how much guaranteed lifetime income you’ll enjoy in retirement is an important step for proper retirement planning. As annuity experts, we can help you put a retirement income strategy in place that helps you live the way you see yourself living in retirement. Give us a call, drop in for a visit…or, request your free Income for Life Illustration today!
Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available at traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.